Oil prices have surged again, rising above $100 a barrel after Middle East peace talks broke down. However, the impact of the U.S.-Iran conflict could actually be disinflationary for developed economies, according to Will Hobbs, chief investment officer at Brooks Macdonald. He warned that investors should be cautious about interpreting the rise in energy costs as a sustained driver of inflation. Hobbs also noted that strong consumer spending and steady real wage growth are likely to erode some of the spending power of households, leading to reduced inflationary pressure. He also mentioned the disruptive impact of generative AI, which could also help keep a lid on prices.